PARIS—The French government pledged Wednesday to consider fresh tax rises,
spending cuts and other budget measures to ensure the country doesn’t deviate
from a challenging deficit-reduction trajectory as market concerns that France’s
top-notch creditworthiness is at risk accelerated.
French bank shares were hammered Wednesday also, with some traders citing the
triple-A jitters. Shares in Société Générale were down over 18% in afternoon
Paris trading and BNP Paribas shares slid over 10%.
President Nicolas Sarkozy, who interrupted his summer holiday on the French
Riviera for an unscheduled meeting with some of his cabinet Wednesday morning in
Paris, will make decisions on …
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